Carefully read the scenario below. Jerry and Nelly are friends. Jerry owns an upmarket restaurant in Cape Town and Nelly owns a farm in the Western Cape. Jerry has heard that people are greatly interested in organic foods, as a healthy lifestyle has become the new trend. Jerry knows that Nelly's farm produces the freshest vegetables and that he could significantly increase his profit margin if he contracts Nelly to supply him with fresh fruit and vegetables on a daily basis. Jerry approaches Nelly with his business offer. Nelly is thrilled at this offer, but he makes it clear that all legalities in the proposed business relation be done in the correct way to ensure that there are no issues in the future. Answer ALL the questions in this section. Question (20 Marks) Advise Jerry as to what the requirements are for a valid contract. You are required to list the requirements and thereafter demonstrate an application of the essential elements by providing examples.